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Credit Cards in the News: May 29-June 5, 2015

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Credit card news pops up every week and it’s not always easy to keep track of each story, especially all the stories about credit card fraud. That’s why we provide you with a summary of the top stories on CompareWallet so you can read what matters the most and not have to worry about all the other stuff. Here are the highlights for May 29-June 5, 2015.

Restaurant Chain Hacked by Point-of-Sale Malware

The FBI released a statement last week that there was a recent cyber-attack where criminals targeted a certain restaurant chain’s point-of-sale (POS) terminals with a new malware to steal consumers’ personal finance and credit card information. The malware is called “Punkey,” after the 1980’s sitcom character, Punkey Brewster. The specific restaurant that was compromised has not yet been disclosed. POS hacks have been frequent over the past few years and incidents include major retailers such as Target, Home Depot and Jimmy Johns. The investigation is ongoing. Read more…

New Start-up Finds Stolen Credit Cards on the Dark Web

Terbium Labs, a Baltimore-based start-up, claims it can identify when information stolen from companies hits criminal websites. Formed by a group of cybersecurity and intelligence veterans, the company is offering a product geared toward businesses who have been spooked by the numerous data breaches at big companies such as Target and Sony. Terbium scours the dark net for data belonging to their clients and then notifies them so that organizations can counter the data breach quickly and efficiently. Read more…

American Express Fights to Retain Affluent Customers

As credit cards continue to offer more and more generous rewards programs, American Express is fighting to find ways to retain their affluent customers. This past week, they rolled out new incentives for their popular Starwood Preferred Guest card. The changes include dropping the foreign transaction fees, offering free Wi-Fi access at more than 1 million hot spots worldwide, and waiving in-room Internet charges at participating hotels. Customers can also use points toward free airfare, sporting and cultural events, as well as earn stays at Starwood Hotels and Resorts. The changes are in effect as of this week. Read more…

Discover Wants to Double Your Rewards

Discover announced this week they are doubling rewards for all new cardholders who open accounts between June 1st and July 31st, 2015. Cardholders must not be an existing cardholder and your account must remain open and in good standing after the first 12 months in order to receive your rewards. This cash back credit card offers 1% and 5% on all purchases, which will essentially equate to 2% cash back on all purchases and 10% cash back on all purchases in popular rotating categories. Read more…

Samsung Delays Mobile Payment Service

Samsung has announced that they will be delaying the release of their new mobile payment service, Samsung Pay. While the new service was originally planned to launch in July, Samsung has pushed the release back to September. The two month delay will make it even more difficult to catch up with competitors like Google, Apple and PayPal, which are also vying for consumers’ loyalty in the new mobile payments marketplace. Samsung’s new payment platform will likely first be deployed on the popular Galaxy Note, with plans to expand to all other devices. Read more…

New App Helps You Maximize Credit Card Rewards

A new app called “AwardMe” is helping consumers choose which credit card will give them the highest rewards rate for specific purchases. The handy new app allows you to store your credit cards and keep track of your spending for all of the various rewards programs you're signed up for. Since different credit cards earn more rewards in different spending categories, AwardMe helps you quickly decide which card in your wallet will give you the most rewards in return for each transaction. Read more…

Make Payments with Your Eyes

A Japanese telecommunications company, NTT Docomo, recently released a new phone with iris recognition technology, enabling users to unlock websites and access information with their eyes. Users can store their credit card information and pay for online purchases by simply staring into the screen. Although some people find biometric technology a convenient way to control mobile payments, there are some people who find the whole idea a bit suspicious. Read more…

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